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US Secretary of State Mike Pompeo will warn American investors against ‘fraudulent’ accounting practices of China-based companies, Reuters reported on Thursday, citing Pompeo’s prepared speech.

“Pompeo is expected to say Nasdaq’s decision to tighten listing rules for such companies should be a model for other exchanges,” Reuters further reported.

Market reaction

Wall Street’s main indexes continue to trade in the negative territory after this headline. As of writing, the S&P 500 was down 0.35% on the day while the Nasdaq Composite and the Dow Jones Industrial Average were losing 0.45% and 0.1%, respectively.